Business
Avanti Gold Announces Formalization of Artisanal Mining Agreement at Misisi Gold Project
Vancouver, British Columbia--(Newsfile Corp. - December 4, 2023) - AVANTI GOLD CORPORATION (CSE: AGC) (FSE: X37) ( "Avanti" or the "Company") is pleased to anno
About this update from Avanti Gold Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - December 4, 2023) - AVANTI GOLD CORPORATION (CSE: AGC) (FSE: X37) ( \"Avanti\" or the \"Company\") is pleased to announce the signing of a formal profit sharing and cooperation agreement governing all gold production with Sycomines, the licensed and permitted artisanal gold mining association, which is currently operating on the Avanti project areas. Under the agreement, all gold mining activities will be done by Sycomines with all gold produced to be sold to Primera Gold DRC SA (\"Primera Gold\"). Primera Gold is a joint venture between the Primera Group, a United Arab Emirates (\"UAE\") company based in Abu Dhabi, and the Government of the Democratic Republic of the Congo (\"DRC\"). The DRC and Primera Gold agreement grants Primera Gold the right to purchase and export artisanally-mined gold with the aim to facilitate supply chain traceability with direct access to the end purchaser. \"The association between Avanti, Sycomines, and Primera Gold represents a comprehensive solution to ensuring the traceability and accountability of all gold produced from the Misisi license areas and conforms to all established Government regulations,\" commented Dr. Colin Porter, CEO of Avanti Gold. \"This not only provides for a system with checks and balances, but also ensures that all mining activities will be implemented with international best practices. With this agreement now in place, the Company can turn its attention to significantly expanding the defined resources with an extensive regional exploration program along the entire 55 kilometre project.\" Sycomines will sell all gold production to Primera Gold, with Avanti profit sharing and distributions calculated on a monthly basis, net of operating costs and final pricing adjustments. Both parties are also evaluating the implementation of small-scale industrialized mining equipment to improve efficiencies and increase gold production rates. As part of their involvement, Primera Gold has been implementing community development programs in addition to direct profit sharing with the Government. About Primera Group The Primera Group is a dynamic and diversified Abu Dhabi based conglomerate with an extensive investment portfolio of successful businesses and partnerships that operate across Tanzania, the wider East African Region and the Middle...